On December 1, 2016, Gardner Products borrowed $92,000 on a 5%, 10-year note with annual installment payments of $9,200 plus interest due on December 1 of each subsequent year
Which of the following describes the first installment payment made on December 1, 2017? (Round your answer to the nearest whole number.)
A) $9,200 principal plus $4,600 interest
B) $9,200 principal plus $460 interest
C) $9,200 principal plus $9,200 interest
D) $4,600 interest only
A
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